(Bloomberg) -- Xiamen Hithium Energy Storage Technology Co. is considering an initial public offering in Hong Kong as soon as next year, according to people familiar with the matter.
Hithium, as the company is known, is working with financial advisers on a share sale that could help it raise more than $500 million, the people said, asking not to be identified because the matter is private. The Xiamen-based business has recently kicked off preparations for the deal, the people said.
Considerations are preliminary and the company may still decide against pursuing a listing, the people said, adding that details such as size and timing could change.
A representative for Hithium didn’t immediately respond to a request seeking comment.
An IPO of Hithium in Hong Kong would help boost deal activity in the city, where most of the equity capital markets transactions have recently been driven by second listings of mainland publicly-traded firms. Those include Midea Group Co.’s $4.6 billion share sale in September, while others such as Contemporary Amperex Technology Co. Ltd., the world’s top electric-vehicle battery maker known as CATL, are also considering similar moves, Bloomberg News has reported.
Founded in 2019, Hithium makes stationary energy storage products as well as commercial and industrial applications, according to its website. The company has locations across China, Europe, the Middle East and the US.
--With assistance from Dong Cao and Dave Sebastian.
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